Overview
The gold price rallied upwards yesterday after the decline was stopped at the EMA50 that formed solid support base that pushed the price to regain the bullish trend again. The price breached and held above 1,254.56 levels, confirming the continuation of the bullish trend. By taking a deeper look at the chart, we found out that the price completed the inverted head and shoulders' pattern, which means that the price has strong positive motive that reinforces the chances of heading towards the previously recorded top at 1,295.37 as a next main station. Therefore, we expect the bullish trend in the upcoming sessions, taking into consideration that the expected rise depends on holding above 1,254.56 and 1,244.00 levels. The expected trading range for today is between the 1,250.00 support and the 1,280.00 resistance.
The material has been provided by InstaForex Company - www.instaforex.com
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